Foreign investors are returning to the Dubai property market in strong numbers, with the publication in the last week of a report which shows that AED 22 billion of overseas money was injected into the market in the first six months of this year.
Dubai’s Land Department revealed that 12,875 properties, made up of buildings, land, apartments, and residential villas changed hands.
Buyers from India, with a population of more than a billion, were perhaps not surprisingly the heaviest investors purchasing 2,153 properties at a total value of AED 3.75 billion.
With a relaxing in the laws pertaining to foreign investment in the Dubai property market and some great offers on price per square metre at the moment, investors are showing a keen interest.
More than half of the investment came from investors from the GCC, making up AED 12 billion of the total, with Emiratis topping the list of those taking apartments.
With independent reports over the past month reporting growth of anything from 5-9% across Dubai, is it time to say that Dubai’s property market is storming back? While there is still a way to go until we reach the numbers of 2007/8, it is clearly a brighter picture which shows that confidence is returning from investors all over the world.
What are your thoughts on the current state of play in the Dubai property market? Are you an investor thinking of buying now, or is the rental market still attractive.